Palm shareholders approve HP deal

Palm's shareholders have given the go-ahead to the firm's acquisition by HP, according to financial filings made to the US Securities and Exchange Commission (SEC).

A filing made to the SEC shows that the firm confirmed the decision made at a special stockholder meeting on 25 June.

The approval has been coming since April, when HP first announced it would buy the ailing Palm for US$1.2bn. The deal is expected to close on 1 July.

In April, HP execs talked of the many benefits the firm expected to see from taking on Palm's "unique" webOS.

Todd Bradley, executive vice president of HP's Personal Systems Group argued that Palm has "significant IP assets" and a highly skilled team.

“Palm’s innovative operating system provides an ideal platform to expand HP’s mobility strategy and create a unique HP experience spanning multiple mobile connected devices,” he added.

"The smartphone market is large, profitable and rapidly growing, and companies that can provide an integrated device and experience command a higher share. Advances in mobility are offering significant opportunities, and HP intends to be a leader in this market."

Jon Rubinstein, Palm's chairman and chief executive added: "We look forward to working with HP to continue to deliver industry-leading mobile experiences to our customers and business partners.”

Rubinstein is expected to remain with the company.